Stock markets rallied more than 1 per cent on Wednesday with benchmark Sensex soaring 901 points on heavy buying in IT and pharma shares as Donald Trump is all set to win the US presidential elections.

Extending its gains to the second day, the BSE Sensex jumped 901.50 points or 1.13 per cent to settle at 80,378.13. During the day, it soared 1,093.1 points or 1.37 per cent to 80,569.73.

The NSE Nifty soared 270.75 points or 1.12 per cent to close at 24,484.05.

From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped over 4 per cent each. HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were also among big gainers.

Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.

"Global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending," Vinod Nair, Head of Research at Geojit Financial Services said.

The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US.

"BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players," Nair added.

In Asian markets, Tokyo settled higher while Seoul, Shanghai and Hong Kong ended lower.

European markets were quoting in the green. Wall Street ended sharply higher on Tuesday.

Global oil benchmark Brent crude declined 2 per cent to USD 74.02 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,569.41 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought Rs 3,030.96 crore worth of shares, according to exchange data.

Bouncing back from Monday's sharp fall, the BSE benchmark jumped 694.39 points or 0.88 per cent to settle at 79,476.63 on Tuesday. The Nifty climbed 217.95 points or 0.91 per cent to 24,213.30.